Authors: Jonas Gross, John Kiff

While much attention is focused on the retail central bank digital currency (rCBDC) ruminations of China, Europe and the United States, aside from China, smaller jurisdictions are actually leading the way. Although the People’s Bank of China launched their rCBDC pilot in April 2020, Banco Central del Uruguay completed its first pilot already in April 2018, the Central Bank of the Bahamas fully launched their Sand Dollar in October 2020, and the Eastern Caribbean Central Bank launched a pilot in March 2021. In this post, we take a deep dive into these leading rCBDC efforts.

Overview and overall retail CBDC landscape


Authors: Maximilian Forster, Jonas Gross, Anja Kristina Kamping, Serkan Katilmis, Dr. Mario Reichel, Prof. Dr. Philipp Sandner, Philipp Schröder

Digitization is taking hold of entire industries, including in Germany. The area of the “Internet of Things (IoT)”, in particular, promises revolutionary, new types of business models. In this context, the term IoT refers to the increasing connection of machines and devices to the Internet. These devices are equipped with digital identities to communicate with each other and execute processes autonomously without human intervention. This trend will become increasingly relevant in the future. …


Authors: Markus Kaulartz, Jonas Gross, Constantin Lichti, Philipp Sandner, Stephan Raubach

In this article, we analyze from a legal perspective how the topic of data protection, in particular the General Data Protection Regulation (GDPR), plays out specifically in the context of blockchain-based databases. In our legal assessment, we distinguish between 1) personal data and 2) machine data. In addition, aspects such as the different legal frameworks and levels of data protection in different countries are addressed. Also, the question of handling company and trade secrets will be discussed. In each scenario, special attention is drawn to the issue of liability…


Authors: Markus Kaulartz, Jonas Gross, Constantin Lichti, Philipp Sandner, Stephan Raubach

In this article, we analyze from a legal perspective whether information systems such as computers or IT infrastructure technologies such as blockchain technology are subject to a legal obligation for audits or some other form of functional verification prior to their use. In addition to general audit requirements, we examine in particular the direct obligation and the indirect obligation for the execution of audits. Also, we address further aspects such as privacy and data protection consequences, the role of certificates, warranty rights, and claims based on tort. …


Authors: Maximilian Forster, Jonas Gross, Anja Kristina Kamping, Serkan Katilmis, Dr. Mario Reichel, Prof. Dr. Philipp Sandner, Philipp Schröder

Digitization is taking hold of entire industries, including in Germany. The area of the “Internet of Things (IoT)”, in particular, promises revolutionary, new types of business models. In this context, the term IoT refers to the increasing connection of machines and devices to the Internet. These devices are equipped with digital identities to communicate with each other and execute processes autonomously without human intervention. This trend will become increasingly relevant in the future. …


Authors: Jonas Gross, Manuel Klein, Philipp Sandner

Recently, the Digital Euro Association, a thinktank around the digitization of money, was launched to help shaping the discussion around the digitization of money — especially in the Euro area — to stimulate public discourse and act as a unified voice on digital money. In this article, we discuss current initiatives around the digitization of money and outline how the Digital Euro Association fits into this discussion.

Introduction

While digital money is becoming increasingly relevant, cash has been losing its importance as a means of payment steadily over the past years. This trend is…


Authors: Martin Schäffner, Constantin Lichti, Jonas Gross, Philipp Sandner

Distributed ledger technology (DLT) has the potential to address industrial challenges, build trust, and unlock new value across businesses and industries via the use of smart contracts. Initially, DLT was mainly used for financial applications, such as Bitcoin as the first and most prominent application of DLT. However, today, DLT is more and more used for applications outside the financial context. Examples include use cases in trade or in the manufacturing industry. …


Authors: Philipp Sandner, Jonas Gross, Ilia Drozdov

This article sheds light on the application of blockchain technology to the existing financial market infrastructure, namely to post-trade settlement. We show how blockchain technology can facilitate trustless delivery vs. payment (DVP) settlement without any intermediary. Moving settlement processes entirely on decentral technologies makes the settlement process more efficient since it decreases the associated transaction costs and reduces involved risks. Hence, the blockchain-based multichain atomic swap technology will become a peer-to-peer alternative to a central clearing counterparty that normally facilitates the DVP settlement of financial assets.

Introduction

Blockchain technology is more and more applied…


Authors: Markus Kaulartz, Jonas Gross, Constantin Lichti, Philipp Sandner, Daniel Holk

In this article, we analyze from a legal perspective under which circumstances companies providing specific financial services require regulatory approval. We differentiate in our legal assessment between (i) finance leasing, (ii) factoring services, and (iii) sales financing. Furthermore, we offer suggestions for the practical implementation. The article assumes the application of German laws.

Preamble

This article is the third publication of the series “legal aspects of blockchain technology” by the Frankfurt School Blockchain Center (FSBC), Datarella, and CMS Hasche Sigle. This research is part of the KOSMoS project, a research…


Authors: Alexander Bechtel, Jonas Gross, Philipp Sandner

The European Central Bank (ECB) has recently published a report on the digital euro. The report defines scenarios under which a digital euro will be introduced and specifies principles and requirements a digital euro would have to comply with. In this article, we evaluate the ECB’s report and discuss its three most important aspects that should help with the interpretation of the report.

Summary of the report

On October 2, 2020, the European Central Bank (ECB) published its long-awaited report on the digital euro, a central bank digital currency (CBDC) for the euro area. The ECB addresses…

Jonas Gross

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